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The Revenue’s argument seems plausible and even logical because the Commissioner or a Chief Commissioner is unarguably ranked higher in authority than a Joint Commissioner. Yet at the same time
In the present case, there is no doubt at all that the assessee cooperated and appeared both in the assessment as well as reassessment proceedings. Therefore, it had deemed notice of the re-assessment proceedings.
Notice u/s 143 (2) is a right of assessee to be heard before any income tax authority. Statutory notices are the first step to initiate any proceeding under income-tax act. Therefore, failure in issuance of notice u/s 143 (2) is enough to hold assessment bad-in-law.
Entries found in third party books are not binding on the assessee solely on the basis of information received from the investigation unless the statement of the third party was supported by any documentary evidence.
There are various case laws which conclude the facts that once the assesse discharged its primary onus by placing material and document on record before AO then it is assumed that the unexplained amount reflected in books of assessee stands explained.
If the AO had reopened the assessment and made a disallowance and these facts could affect the outcome of the issue, the AO should appear before the FAA to file an explanation about the chronology of events. But, in any manner the subsequent decision taken by the AO cannot be held to be a mistake apparent from the record.
The reliance has been placed on the decision of Hon’ble Allahabad High Court in the case of CIT Vs. M/s MT Builders Pvt. Ltd., (2012) 349 R 271 (All.) that the notice issued by an Officer who had no valid jurisdiction over the assessee is invalid. Accordingly, The notice under Section 148 of the Act issued by the Income Tax Officer
In the recent judgment of the Hon’ble jurisdictional High Court in the case of Madhukar Khosla vs. ACIT (supra), the Hon’ble Court has held that ‘if there is no reason to believe that the income has escaped assessment based on new tangible material, then the reopening of assessment amounts to impermissible review’.
Revenue submitted that there was no change of opinion as contended by assessee and accepted by the Ld.CIT(A) as assessee has not furnished ‘Project Completion Certificate’ nor furnished the complete details of AOP as pointed out by the AO. It was the submission that the original project has started way back in 1996 and therefore
The issue in dispute raised in additional ground relating to non issue of the mandatory notice u/s. 143(2) of the Act is decided in favour of the assessee and we hold that the impugned assessment order dated 31.12.2009 passed u/s. 147/143(3) of the Act by the AO as invalid.
